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    smb101750's Avatar
    smb101750 Posts: 1, Reputation: 1
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    #1

    Feb 11, 2012, 01:08 PM
    Does ira distribution count as income?
    Last year my wife and I had three sources of income: 1) an IRA distribution, 2) Unemployment Compensation, and 3) Social Security. We would like to make a regular IRA contribution. Do we have "qualifying income"?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 13, 2012, 07:44 AM
    No - you cannot contribute more than your "taxable compensation" - which includes such things as wages, tips, commissions, and self employment income. It appears you had no taxable compensation in 2011, so you cannot make a contribution to your IRA.
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